Services forIndividuals

Services forIndividuals

Lease Extentions and Collective Freehold Purchase

Acquiring the freehold of your leasehold property

If you have decided that now is not the right time to sell your flat, this could be a good opportunity to get together with the other flat owners in your building and together acquire the freehold.

The benefits:

You are no longer dependent on a landlord, so you can manage the property yourselves or appoint your own managing agents.

You will have protected your flat from loss of value as a result of the declining lease term.

You can grant yourselves new long leases without paying a premium and you will no longer have to pay ground rent.

A property is more marketable when sold with “a share of freehold”.

The building

Although there are exceptions, the majority of blocks of flats including houses converted into flats are capable of being acquired under the legislation (the Leasehold Reform Housing and Urban Development Act 1993 as amended by the Commonhold and Leasehold Reform Act 2002).